Key dealers
- FTX will distribute over $ 5 billion to creditors from 30 May 2025.
- Qualified creditors will receive varying payment rates via Bitgo or the Kraken.
FTX will start its second creditor payment from May 30, which is focused on handing out more than $ 5 billion to eligible applicants, according to the estate Thursday message. Payments will be processed via Bitgo or Kraken and are expected to arrive within 1 to 3 working days, says the unit.
The upcoming round is part of FTX’s ongoing bankruptcy resolution and follows the first payments that began in February for creditors with claims below $ 50,000. The second distribution will include repayment of creditors with claims that exceed that amount.
FTX -Distribution: May 30
$ 5 billion to be distributedRequirements> $ 50K: 72% – INTL
Requirements> $ 50K: 54% – USA
Claim = <$ 50k: 120%– Sunil (FTX Creditor Champion) (@sunil_trade) May 15, 2025
According to Bloomberg’s march ReportFTX, led by CEO John Ray III, has approximately $ 11.4 billion earmarked for repayment of creditors. However, payments will be based on digital asset values from the bankruptcy date.
In other words, creditors will receive amounts that are bound to much lower values at FTX’s collapse.
Distribution includes different levels of payment in different claims categories: Dotcom Customer Rights will receive 72%, US customer rights of 54%, general unsecured claims and claims of digital assets 61%each and convenience requirements 120%.
“These first distributions of non-convenience class are an important milestone for FTX,” said FTX CEO. “The scope and size of the FTX Corgene Aviation Base makes this an outstanding distribution process, and today’s announcement reflects the outstanding success for the recovery and coordination efforts for our team of professionals.”
To receive distributions, creditors must complete several requirements, including logging on the FTX customer portal, implement know your customs verification, submit a tax form and onboarding with either Bitgo or the Kraken.
Customers who on board with a distribution service provider will lose their right to receive cash distributions directly from FTX, with payments instead through their chosen supplier.
